Summary data for 2019 of Credit Suisse, a Swiss banking group, noted that China is a country with a richer population than the United States. In total, the Chinese population in the top 10% of the world’s richest population has reached 100 million. While the number in the US is only 99 million people.
With the remaining 90% of the population, they account for 18% of global wealth, up from 11% in 2000.
Also in Credit Suisse’s Global Wealth Report 2019, inequality and the gap between rich and poor in the world are increasing.
China currently has about 4.4 million millionaires and more than 100 million of the top 10% of the planet’s richest people. Nearly half of the middle-class people are Chinese.
According to Credit Suisse, a person with a net worth of $ 109,000 can be in the top 10% of the world’s richest people. Meanwhile to top 1% is 936 thousand USD.
This is indeed an impressive figure for China in the context of the world economy recession and the ongoing Sino-US trade war. The Credit Suisse report emphasized that China is one of the few countries to avoid the impact of the global financial crisis.
The researchers said: “The global financial crisis has caused small but worrying problems when asset growth has recovered soon. Unlike most other economies, China is gradually closing the gap, since year 2014”.
Over the past four decades, China has improved the lives of its people and helped about 850 million people out of poverty.
Billionaire Vuong Kien Lam, owner of Van Dat real estate corporation Dalian
China’s miraculous growth and progress have helped it replace Europe as a place of global wealth growth and replace Japan with the world’s second largest number of millionaires.
At the beginning of the 21st century, China is still ranked low, but after years of economic growth efforts, the country has begun to gain many important successes.
China’s total household assets have increased from 3.7 trillion dollars to 63.8 trillion dollars this century. However, a problem that still aches in the billion-dollar nation is that the inequality in society is constantly increasing and proportional to the number of rich people.
Credit Suisse said global assets increased by 2.6% in 2019 and will continue to increase 27% after 5 years and reach $ 459 trillion in 2024.
Refer to Nextshark